Sourcing for high-potential employees in a competitive landscape and the rising cost of replacing talent has made the attraction and retention of talent one of HR’s biggest challenges this year.
According to a recent report by Ortus, 48% of HR leaders in Singapore find attracting talent to be their biggest concern.
Close to three out of 10 HR managers (31%) also stated the retention of employees was a fundamental worry for them.
“In line with the competitiveness in the local market, organisations are investing more money in developing and retaining their staff, rather than facing the high cost and difficulty of replacing them when they leave,” Iryani Kamal, senior consultant, Ortus, said.
In accordance to such challenges, the report included the hottest skills for HR to have in 2014 were those to do with talent management (55%).
An aptitude for HR business partnering and compensation and benefits followed at 54% and 35%, respectively. Those with skills in organisational design and learning and development were also found to be in demand.
“Companies that engage with their staff and in turn, invest in their professional development will reap the benefits long term as their high performers move forward within the organisation rather than choosing to leave, ” Kamal added.
Here are the top 11 challenges for HR:
1. Attracting talent (48%)
2. Staff retention (31%)
3. Driving employee engagement (29%)
4. Managing cost constraints (doing more with less) (26%)
5. Aligning with business strategy (26%)
6. Change management (20%)
7. Identifying and developing high potential employees (19%)
8. Maintaining competitive compensation and benefits programmes (18%)
9. Succession Planning (15%)
10. Executing organisational change (14%)
11. Building effective relationships with business stakeholders (13%)